US oil major ExxonMobil has made a final investment decision to develop the $9 billion, 600 million barrel Payara field off Guyana.
Payara is the third project in the Stabroek Block and is expected to produce up to 220,000 barrels of oil per day after start-up in 2024.
The field will be served by the Prosperity floating production, storage and offloading (FPSO) vessel, to be delivered by SBM Offshore.
Ten drill centres are planned along with up to 41 wells, including 20 production and 21 injection wells.
TechnipFMC will provide the subsea system, having been awarded a contract worth somewhere between $500m and $1bn.
ExxonMobil, as operator, holds 45% of the Stabroek block, Hess has 30% and CNOOC has 25%.
The block is thought to contain recoverable resources of more than 8 billion barrels.
ExxonMobil’s first offshore Guyana project, Liza Phase 1, began producing in late 2019, well ahead of the industry average for development time.
Liza Phase 2, remains on track to begin producing oil by early 2022. It will produce up to 220,000 barrels of oil per day at peak rates using the Liza Unity FPSO, which is under construction in Singapore.
ExxonMobil is evaluating additional development opportunities in the Stabroek Block, including Redtail, Yellowtail, Mako and Uaru resources, and plans to have five drillships operating offshore Guyana by the end of this year.
Liam Mallon, president of ExxonMobil Upstream Oil & Gas Company, said: “ExxonMobil is committed to building on the capabilities from our Liza Phase 1 and 2 offshore oil developments as we sanction the Payara field and responsibly develop Guyana’s natural resources.
“We continue to prioritize high-potential prospects in close proximity to discoveries and maximize value for our partners, which includes the people of Guyana.”